Indian Economy and Issues [IAS (Admin.) IAS Mains GS Paper 3 (Science-Tech, Economy, Environment, & Disaster Management)]: Questions 52 - 56 of 78

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Question 52

Indian Economy and Issues
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Despite two key measures – demonetisation and GST, India has made very slow progress towards becoming a formal economy. Discuss the reasons and measures needed to formalise economy. (250 Words)

Explanation

Introduction:

  • Sector which encompasses all jobs with normal hours and regular wages and are recognized as income sources on which income taxes must be paid is formal sector of Economy.
  • According to NSSO data, there have been more jobs created in the informal sector than the formal and more than 90 % of the population is employed in informal jobs.

Reas…

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Question 53

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Any attempt to outlaw all high-interest, or usurious, lending will make life worse for borrowers who genuinely benefit from informal lending. Comment. (150 Words)

Explanation

Introduction:

Informal lending has been a bone of contention from historical times due to the high interest rates charged, yet they exist in the contemporary times too. Many steps have been taken by the authorities such as ‘Operation Kubera’ in Kerala against the high lending and physical torture related to the informal lending.

But the informal lend…

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Question 54

Indian Economy and Issues
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“Contrary to belief, demonetisation was not a case of a ‘good idea, bad execution’ . It was a fundamentally flawed idea borne out of overriding of institutions and circumventing consensus.” Critically comment. (250 Words)

Explanation

Introduction:

The 8 November 2016 decision by the Prime Minister to extinguish nearly nine-tenths of the value of currency in circulation and render ₹ 500 and ₹ 1,000 banknotes worthless overnight was a misguided act of coercion that shocked and had an impact on every single Indian.

Demonetisation though had many positive impacts like:

  • Black money: Ou…

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Question 55

Indian Economy and Issues
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Despite being an improvement on the ad hoc and restrictive Fiscal Responsibility and Budget Management framework, the N K Singh Committee report suffers from some shortcomings. Discuss. (250 Words)

Explanation

Introduction:

The FRBM Review Committee headed by former Revenue Secretary, NK Singh was appointed by the government to review the implementation of FRBM. In its report submitted in January 2017, titled, ‘The Committee in its Responsible Growth: A Debt and Fiscal Framework for 21st Century India’ , the Committee suggested that a rule based fiscal po…

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Question 56

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Rapid transformation of the rural economy is making huge contributions to Indian economy in recent years. What are the components of rural economy? Discuss the features of structural transformation of the rural economy and its contribution to India՚s growth story. (250 Words)

Explanation

Introduction:

For centuries together, the Indian village has been a self-sufficient and self-contained economy. During the past 60 years, rural reconstruction and development have been the major thrust of economic planning, which has caused a rapid transformation in the Indian rural economic structure. These changes have taken place in spheres, such…

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